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- 2. Macroeconomic Indicators Production: GDP, GNP, NI Business Cycles Inflation Unemployment Interest Rates
- 3. Quantity Aggregates To understand the macroeconomy, we need to measure it. Chief measure of economy is
- 4. Gross Domestic Product (GDP) GDP is the sum of the value of new, final goods produced
- 5. Three Methods for Calculating GDP Expenditure Method - The sum of the domestic spending on final
- 6. Expenditure Method
- 7. Japanese Expenditure
- 8. GNP vs. GDP Net Factor Income [NFI] is income earned on overseas work or investments minus
- 9. Compare Macau and the Philippines GDP or GNP Macau produces a lot of profits paid to
- 10. The main macroeconomic issues: Inflation. Employment and unemployment. Stagflation and deflation. Business cycles. Economic growth. The
- 11. 1. Inflation Inflation is the increase of prices over the period of time
- 12. Why prices increase? Demand-pull inflation – this occurs when aggregate demand (AD) will be increasing faster
- 13. Types of inflation by rate of increase Creeping inflation (1-4%) When the rate of inflation slowly
- 15. Comparing GDP levels across time GDP measures the value of the goods produced by an economy
- 16. Real GDP: Yt GDP or Nominal GDP or Current Dollar GDP is the weighted sum of
- 17. Solved Problem Real GDP: 2021 (2020 Base Year)
- 19. Price Indices: Pt Two most commonly used price indices are GDP Deflator and Consumer Price Index
- 20. Consumer Price Index The CPI is the price of a representative market basket of goods relative
- 21. Q: What is Inflation? A: The Growth Rate of Price Level Inflation: prices are growing Disinflation:
- 22. Adjusting for Inflation We can use some price index to “adjust for inflation” effectively converting a
- 23. Converting Current Price Series into Constant Price Series Series to be adjusted for inflation: Nt Contemporaneous
- 24. Housing Price: Hong Kong Island Compare the price of housing in HK average price of an
- 25. Housing Price: Hong Kong Island The Hong Kong CPI (2000=100) was 35.5 in December 1982 and
- 26. Example Compare the box office take of “Shrek 2” and “Sound of Music” in 2004 dollars.
- 27. Interest Rates
- 28. What are some major interest rates in financial markets? Be as specific as possible.
- 29. Nominal and Real Interest Rates Nominal return represents how much money you will receive after 1
- 30. Imagine a 1 year loan [T =1]: The lender gives up some goods to make a
- 31. Real Interest Rate The real interest rate on the loan is defined as the future goods
- 32. Ex Ante Rate and the Fisher Effect Savings and investment decisions must be made before future
- 33. Economic growth
- 34. Recessions and Expansions Business cycle positions are sometimes characterized as booms and recessions. These names have
- 37. Stock Market tends to co-move positively with the business cycle.
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